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Paul
Cook & Associates
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Frequently Asked Questions |
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How do I know if I am insolvent?The most basic answer is probably the most accurate. If you cannot pay all of your debts as and when they become due and payable (need to be paid), you are almost certainly insolvent. If you have debts that are not due (long term loans) you usually do not need to be able to repay them "now" as they are not "due and payable". In cases of doubt, you can contact our office for advice. Remember penalties apply for trading a company whilst insolvent. What is the difference between Liquidators and Trustees?A Registered Liquidator can be appointed in all liquidations except Court Windings Up. A Registered Liquidator can also act as a Voluntary Administrator or a Controller of company property. An Official Liquidator is a more experienced liquidator who can be appointed as Liquidator or Controller by the Court. Only Registered Liquidators may apply to become Official Liquidators. A Registered Trustee is an insolvency practitioner that is approved to take all forms of appointments under the Bankruptcy Act. The Official Trustee is a government body which is represented by Official
Receivers in each State and Territory of Australia. How are fees approved?In general, the liquidator or trustee will seek approval for an estimated upper limit to his remuneration to be approved by a meeting of creditors or committee. This allows the liquidator/trustee to draw remuneration up to the agreed upper limit. If there is no creditor approval (whether by a committee of creditors or at a general meeting) the courts have authority to approve fees. In bankruptcy matters, an amendment to the Bankruptcy Act effective 2 May 2003 allows a trustee to seek the creditors approval for an upper limit on his remuneration by postal vote. Creditors may vote for or against the resolution or can request that the trustee call a meeting of creditors to consider the proposal. View our fees policy including the current hourly
rates. How am I informed of what's happening?Straightforward, informative reports are sent to creditors on a regular basis. If our reports do not deal with an issue you think important please contact us; the relevant case managers name is shown on every advice and report. Please note that the timing of some reports is dictated by the requirement of the relevant Act. |
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© Paul Cook & Associates Pty Ltd GPO Box 967 DX 249 Hobart |
Tasmanian Office 105 Macquarie Street Phone (03) 6223 2555 |
NSW Office Level 31 Phone (02) 8211 2739 |
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